Find out the latest Dollar to Naira exchange rates in the black market (Aboki fx) for June 16th, 2024. Dollar to Naira exchange rates at Lagos Parallel Market show buying at ₦1485 and selling at ₦1490. Stay informed about the discrepancies between the black market and official CBN rates.
The black market, also known as the parallel market or Aboki fx, continues to be a focal point for currency exchange in Nigeria. On June 16th, 2024, the exchange rate for a dollar to naira in Lagos' parallel market saw slight fluctuations. Sources at Bureau De Change (BDC) reported that players in the black market were buying dollars at ₦1485 and selling at ₦1490. This information is crucial for individuals and businesses who rely on the black market for foreign exchange, despite the Central Bank of Nigeria (CBN) urging the public to utilize formal banking channels for Forex transactions.
The disparity between the official rates provided by the CBN and the black market rates remains significant. The CBN rates for the dollar to naira on the same day were slightly lower, with the buying rate at ₦1481 and the selling rate at ₦1482. This discrepancy underscores the ongoing challenges in Nigeria's foreign exchange market, where the demand for dollars often exceeds the supply available through official channels.
The CBN's stance on the parallel market remains firm, as it does not recognize transactions conducted outside formal financial institutions. The bank has directed individuals needing foreign exchange to approach their respective banks to ensure transparency and stability in the currency exchange process.
As the naira continues to face pressure from various economic factors, the black market rates offer a glimpse into the broader economic conditions affecting Nigeria. It remains essential for stakeholders to monitor these rates closely to navigate the complexities of the foreign exchange market effectively.
